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CNBC
Mar 20, 2013 7:00pm EDT
and businesses and consumers do not want to hear, it's a new tax on the internet. even downloads from ituness, who thinks that is a good idea? not me, here is good news "the kudlow report" begins right now. president obama in israel for the first same in his presidency, securing the relations with the allie in the middle east, here is what he had to say when greeted by benjamin netanyahu. it's in our fundamental security interest to stand with israel. it makes us both stronger and more prosperous and makes the world a better place. >> so question is, what exactly is the president hoping to accomplish in israel. here now we republican former u.s. ambassador and dan senor the coauthor of start up nation. joining me here on set for the hour, ryan grim, huff post washington bureau chief, and tony frato, former white house deputy press secretary. welcome to one and all, if i may go to you first, ambassador, there's all this media chatter that i'm reading today that president obama the not know what he wants to do and he has no agenda. it's said that he was the first u.s. president to visit israel
CNBC
Mar 14, 2013 7:00pm EDT
interesting things to tell republican senators this afternoon. he says he's for corporate tax reform and willing to push fellow democrats on entitlements. is the charm offensive starting to pay off? "the kudlow report" begins right now. first up tonight, a nice 83-point move higher for the dow, makes it ten straight days of gains. we have details of another day of record highs, good evening, ka kayla. >> reporter: jobless claims fell unexpectedly and gave traders more confidence in growth. the dow sitting above 14,500. up 83 points to 14,539. this month the dow has been up nearly every single day. the s & p within four points. all time record closing here. 1,563. on rising rates on treasuries. the highest yield in a year. low by historical standard. 3.248%. and the year on 390-year, up 10% this month alone. lots moving on the mobile front, larry. google will shut down its e-reader and samsung unveiled galaxy 4. blackberry moved on moves of the z-10. closed down just 4%. jcpenney under the microscope. the credit default swaps, those widened dramatically. fears of liquidity crunch hurt
CNBC
Mar 18, 2013 7:00pm EDT
! >>> >>> the tiny island of cyprus sets off big scare with plans to set off the rule of law. they want to tax all bank depositors large and small to pay for a bailout. this has never happened before.e are in trouble. if nothing happens, optimism runs the show. cyprus is the money ground for dirty money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls bel
CNBC
Mar 15, 2013 7:00pm EDT
corporate tax reform. even pushing democrats on entitlement reform or so he says. now i know, i know, my favorite president reagan trust by verify, but i think there's some optimism out there and i'm going to do my best now to persuade my pal, conservative superstar ann coulter. she's the author on set for the full hour. jimmy williams. and michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like this story. i want to be optimistic about this story. >> um, i want to be optimistic too. but i want to be realist jig. all,000 are the financial maven and i would normally defer to you, that's the only thing i'm pessimistic about. i think the economy -- i would not count on the stock market continuing to go up. i know nothing about it. i just don't think that what's happening in the company justifies it. people don't have any other place to put their money. i do think people will get fed up with obama. one thing i'
CNBC
Mar 19, 2013 7:00pm EDT
a bank at tax plan. now the risks of bank runs and bank collapses mount in this tiny country. we are about to bring you live report from cyprus. but cyprus may have an ace in the hole. it's called russia. the parliament is going hat in hand to russia to save its financial system in return for ownership of its natural gas resources. so do i have this right? the russian money-laundering thugs can save cyprus and maybe europe and maybe the global financial markets as well? it's a very scary thought. however, here at home, american business leaders speaking in one voice in a new campaign to push pro growth corporate tax reform. i like it. the polls show it. there's too much talk about root canal, dent and budge cutting. we need growth, we need optimism. we need "the kudlow report." it begins right now. >>> first up this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parli
CNBC
Mar 18, 2013 9:00am EDT
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
CNBC
Mar 18, 2013 5:00am EDT
under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
CNBC
Mar 15, 2013 1:00pm EDT
they are trying to figure out how to cut the tax bill by using prior losses, because guess what, they are profitable today, and that savings would allow them to pay back the treasury over $60 billion and almost what they owe them entirely, and given that i asked former hud secretary martinez if we need to wind down fannie and freddie since they are profitable, and he said we do need to restructure, but something stunning to get the government out of the market, and he said that we need judges out of the foreclosure process. >> i think that the way that the 1,000-day wait for foreclosure is not fair to anybody in the system. i would say that a non-judicial system is the way to go, and the states who have a nonjudicial system have done it much more rapidly and better for the marketplace. so we are helping no one really when we retard the opportunity for a recovery, so in my view, a nonjudicial is the way to go and florida should move in that direction. >> and here in new york and new jersey where judges are a part of the process, it would take decades to get through the backlog of
CNBC
Mar 20, 2013 5:00am EDT
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
CNBC
Mar 19, 2013 5:00am EDT
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
CNBC
Mar 18, 2013 6:00am EDT
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
CNBC
Mar 13, 2013 5:00am EDT
to try to evade this 24% capital gains tax on second houses. >> a great point and one that reminds you of bubbly periods from other markets around the world like the u.s. maybe within the last couple of years and demand is usually a sign that the market is off kilter. thanks very much this morning. >>> and market reaction to that was broadly a sell-off across asia and now turning to russia, president vladimir putin has chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail gian
CNBC
Mar 13, 2013 7:00pm EDT
challenged him on spending, taxes, a balanced budget and even closing the white house to public tours. for more insight on what the someone like we're joined by congress warm candice miller. miss miller, thank you. what was your particular gripe at mr. obama today and how tough of that meeting? >> well, you know, i guess it's his charm offensive and actually i think it's working because i think he's becoming charmed by the house republicans. >> but you went after him. >> i asked him a question that we are just getting bombarded with here on capitol hill. i said mr. president we're all dealing with sequestration, the house members have taken a 5% than 6% and now a 8% cut to our own budgets. we're dealing with the sequester best we can. no one has ever thought or made any mention about closing the capitol or capitol visitor's center or this beautiful house office building you see in the rear. nobody said that. mr. president, if you have to close the white house to tours and you need money take it out of our hide that's exactly what i said to him. i said we don't have to come to the whit
CNBC
Mar 18, 2013 1:00pm EDT
is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentioned, more than a third among the top russians in cyprus is the fert cider magnet now the biggest shareholder in the bank of cyprus. he has a lot of money in u.s. real estate as well. he brought donald trump's mansion and his daughter bout an apartment in sandy well. and alexander bought avraz steel. the mystery to me is why these wealthy russians kept so much money in cyprus when they knew the banks were in trouble. one reason is that there are fewer choices. if you look around the world, governments arie cracking down n tax evasion and money laundering. they're all complying with global capitalist. even with this 10
CNBC
Mar 19, 2013 3:00pm EDT
to be? the monopoly man smoking a cigar? let's take a look at the euro. parliament voting to tax -- to not tax bank deposits. that's the latest word. a very fluid situation. much more on "closing bell" next. >> thanks very much for watching "street signs." stick with us. see you at the same time tomorrow. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the dow and the s&p 500 threatening to do something we haven't done all year. decline for three days in a row. >> shall we panic? i don't know what to do. i'm bill griffeth. stocks are lower. they've been lower all day. we've had just in the last few minutes here, to see if parliament rejected that one-time tax on bank deposits, which was a condition of its bailout plan. now investors are concerned maybe a default by cypress could intensify the euro zone's debt crisis. >> morgan stanley's adam parker, who had been negative says, no, no, no, i'm going to raise targets. in fact, one of the biggest bears turning bullish. why this market still has plenty of room to r
CNBC
Mar 19, 2013 1:00pm EDT
with the plan to tax the bank accounts over there in cyprus. they are going to take a big hit. what might the russians do in response? you might not want to know. >> now, it was one of the hottest real estate markets in the united states and then one of the coldest. once again, it is hot. there is no room at the end or the condo. sue, doesn't miami sound pretty good right about now? >> it sounds so good right now. it's raining again in new york city. you mentioned at the top of the show, cyprus moving the markets up and down. new headlines from cyprus forced a selloff on wall street. we have recovered some of the those losses. we are still down 39 points, though. parliament is meeting now. bertha coombs is monitoring that from the breaking news desk. hi, bertha. >> they have been in session for about an hour now. they are expected to go at least another hour. here are the headlines as we've had them this morning. they are debating this bailout proposal and to a man so far, they are all saying no. the governing party, apparently, has prepared a one-day postpone meant on the vote because at
CNBC
Mar 18, 2013 4:00pm EDT
are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. look, i think we should take great confidence in our banking system now compared to where we were four or five years ago. our banks are very healthy. t.a.r.p. was a good thing. it protected the financial system and the confidence in the financial system. and our banks are in great shape -- >> they're in the worst shape they've ever been. >> oh, no. >> they're a few interest rate hikes away from insolvency. that's why the fed is keeping rates at zero. >> wait a second. peter, you're saying the banks are a couple interest point ace way from insolvency? >> why to you think when the fed did the stress tests they didn't ask the banks to stress test a collapse in the bond market? they only looked at the stock market or maybe real estate. when interest rates rise substantially, the major banks are going to fail. their balance shee
CNBC
Mar 18, 2013 3:00pm EDT
to tax bank deposits really royile the markets first thing this morn ing. cyprus? really. jane wells has been asking exactly that question on tw twitter. >> cyprus has a gross domestic product of $24 million. who are these people? we learned they really have a great sense of humor. one ad company parodied new york state of mind with state of mind. ♪ there's no toilets round, just a big hole in the ground ♪ >> see the whole hilarious video on my blog. how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle white pe
CNBC
Mar 13, 2013 4:00pm EDT
committee. hers doesn't balance the budget, but reduces the deficit over a ten-year period, using both tax increases and spending cuts. and she said it's up to the american people to pick an approach. >> they will let us know whether they want us to go back down the path of the trickle down policies that decimated the middle class and threw our economy into a tailspin, or if they would prefer the approach we've seen has worked before. tackle our deficit responsibly, reinvest in our middle class, build a strong foundation for growth, and restore the promise. >> but, of course, appealing to public opinion is part of the outside game, and that's only one aspect of this fight. there's also the inside game, because president obama went up to the hill today to continue his outreach to members of congress. he spoke to the house republican caucus. afterwards, speaker john boehner did announce a breakthrough, but he indicated it was a productive meeting. >> today was a good start. and i hope that these kinds of discussions can continue, even though we have very real differences. our job is to find
CNBC
Mar 20, 2013 6:00am EDT
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
CNBC
Mar 19, 2013 9:00am EDT
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
CNBC
Mar 13, 2013 6:00pm EDT
conditioned that the only thing that matters is tax policy even if taxes were so much higher in the roaring bull market and they were scared of their own shadows and they were hated or shunned by people who talk about it. case in point, retail sales. this morning it came out and they were terrific. you should not be shocked if you watch this show that we had the best retail numbers, hardly a month goes by, and stores are telling me over and over again that the things are very strong and the thesis-mongering bears, and the expiration of the payroll tax holiday is devastating. the sequester is devastating, too. it is true that going over the fiscal cliff could have been horrendous and it destroyed confidence, but it certainly cured that. ever since then, the economy is better than anyone seeps to want to talk about. we hear talk that it isn't. those bears endlessly drumming these negatives into our heads and they're thumb-seeking theorists. they're not schooled in the real world of companies as i am. they don't look bottoms up and talk to the walmarts and the costcos. they look up to down and
CNBC
Mar 15, 2013 5:00pm EDT
words, we kind of had an inkling on why the timing. my question is, what about the tax? one of the reasons for why they haven't given back this cash to investors is because they repate yated from overseas and they are going to be whacked by the tax man. >> that's right. unfortunately, a ton of this cash is overseas. now, apple has an embarrassing amount of cash, but there's a reason for that. they are going to take a tax hit if they bring it back. one thing. if they give a big special dividend, then, i think you have to say that steve jobs has left the building. he is no longer the sort of visionary that they're trying to play to. they've said that steve jobs era is certainly over and they're going to have to give cash back. i think that apple shot too far to the upside. it's going to shoot too far to the down side. but it's actually not that far off its low. i'm not certain that given that, you know, a dividend is a cash. it doesn't do anything for you. >> there's enough cash that they could give 20 bucks a share in the u.s. would imposing that tax. i think that's -- that's
CNBC
Mar 13, 2013 6:00am EDT
. it will call for about $1 trillion in new revenues by closing tax loopholes and about 1 trillion in spending cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to hear. >> there's a good piece in politico. i don't know if you saw it that michael allen wrote that really sort of walks through why the grand bargain may never happen and i think -- i don't know if it's ben
CNBC
Mar 13, 2013 12:00pm EDT
. >> right. >> because of the payroll tax, sequester and whatever else you want to throw on the table. so what do you do right now? >> i think it's supportive of what we continue to see, which is the data continues to be a little bit better. maybe it's not extreme, but it's a little bit better every time we get new data. when you're looking across and wondering which areas of the market do you think moved to the upside, i know stephanie will talk about the discounters, so i won't go there. i like those name, particularly tjx over ross, because of the effects they've got. how about names like whirlpool? you can get involved in the housing side of this thing. the consumer-spending side, some of the rehabs we see going on and international play with latin america. i look at a lot of the name, the earnings growth, power, i see a lot of different areas you can profit from. >> i want to know what stephanie link thinks about what we got today, what it means for the rally, and what you're doing as a result of it. >> so the consumer is doing better because housing prices are up 8.3% acore to core
CNBC
Mar 13, 2013 9:00am EDT
indicating maybe the consumer is not feeling the pinch of higher taxes. meantime, coach popping pre-market on an upgrade from city. as a new report shows that it has been outspending apple in advertising to clench the market share gains it has seen. >> one step closer to getting the 787 back in the skies. the nefaa, a step to ending the two-month long grounding. >> we begin with the markets, by the skin of its teeth, the dow extending the winning streak and posting a record high close for the sixth consecutive day and the s&p closed higher despite hitting fresh five-year highs during yesterday's session. >> the bright spots here is what we saw managed to close higher yesterday were cyclical areas, semiconductors, energy and we had health care participating in that rally and bristol-myers. 11-year highs on that one. >> they screwed up badly and they bought a drug, not unlike glaxo they had, and it was red wine derivative drug and they fell. i will point out that the macarena is central to the thinking. >> really? >> because i went back and looked at this period november 1996 and was
CNBC
Mar 19, 2013 6:00am EDT
,000 in the bank entirely to those under 100,000 and to keep the tax at 9.9% for those above 100,000 euros in their accounts. if it doesn't sound much different from the original plan, it's not. it basically exempts those with less than 20,000. on the back of that, we did see markets weak. elsewhere, there has been a weakening, but realively contained one. the ftse mib in italy is down 0.3%. the xetra dax is down by 0.5%. france is weaker. the ftse, as well, down about 0.25%. not too far off the levels we've seen this morning. german economic sentiment did come in roughly in line with expectations, so that helps to keep the bid in the euro, as well. here is the different between spain and italy. italy's ten-year selling off a bit. yield up to 4.66%. spain rallying. it did go to market with three nine-month yields this morning. still below 5%. i mentioned what was happening with the euro. let's take a look now as it continues to go through the different pieces of economic data we're getting this morning. it's still down about 0.11%. yesterday, it was actually stronger. so markets generally
CNBC
Mar 20, 2013 3:00pm EDT
from the social security tax increase and the cross the board spending cuts that went into effect on march 1st? and is it possible that the fed might see a need to provide more support to the economy, if that -- because of that drag, the drag on fiscal. >> well, our analysis is fairly comparable to analysis that congressional budget office as presented to the congress. and they estimate that putting together all the fiscal measures, including the fiscal cliff deal, the sequester, and other cuts, that federal fiscal restraint in 2013 is cutting something like 1.5 percentage points off of growth. which, of course, is very significant. so that is an issue for us. we -- you know, we take as given what the fiscal authorities are doing. the economy is weaker, job creation is slower than it would be otherwise. and so that is one of the reasons that our policy has been as aggressive as it is. that being said, as i've said many times, monetary policy cannot offset a fiscal restraint of that magnitude. and so the final outcome will be worse, or in terms of jobs, than would have been the cas
CNBC
Mar 20, 2013 1:00pm EDT
tomorrow morning. there's still no plan here. in fact, you heard about plan a which was to tax deposits. now we have heard that plan b has been rejected by the troika as well. cyprus government said to the troika, their european partners who they want them to lend money to, they said to them, listen, instead of taxing deposits why don't we do this instead. we have a pension fund, we'll raid it, take the cash, turn it into bond and we'll pay it back over time. the troika said that doesn't do anything for you. you still have liabilities. then they said we're also going it try to sell one of the bad banks. and the fact of the matter is if the bad bank were sellable, people like chris flowers and wilbur ross and tim collins would have been here a long time trying to buy it. they said maybe we'll split it up, divide it into the good bank and bad bank. we'll sell the good bank to the russians and the troika said selling the good bank is the easy part. what are you going to do with the bad bank? none of that is going to work. you will hear more about what the hopes are for russia from steve in
CNBC
Mar 17, 2013 6:00am EDT
is while. they've been pa ee've been patr. >> there's a reason for that. again, they're going take a tax hit if they bring it back. one thing, if they do give a big special dividend, then i think you have to say steve jobs has left the building. he's no longer the sort of vision ertha they're trying to play to. they say the steve jobs era is certainly over and they're going to have to give cash back. i think apple has shot too far to the upside. the dividend, it's a wash. it doesn't do anything for you. >> there's enough cash that they could give 20 buck as share in the u.s. without imposing that tax. that's a lot. >> aside from the dividends, there's saut other things that have been suggested, that maybe they put a tender back in 2006. microsoft did a massive tender for shares which basically puts a floor in the stock in the meantime. if you think they're fundamentally challenge, which they may be, if they put it, shareholders know they will come back at that level. so that's one reason why this stock may have found an intermediate return. >> in the meantime, we've got to the picture he
CNBC
Mar 14, 2013 6:00am EDT
with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. no they don't. hey son. have fun tonight. ♪ ♪ back against the wall ♪ ain't nothin to me ♪ ain't nothin to me [ crowd murmurs ] hey! ♪ [ howls ] ♪ let's say you pay your guy around 2% to manage your money. that's not much you think. except it's 2% every year. does that make a difference? search "cost of financial advisors" ouch. over time it really adds up. then go to e-trade and find out how much our advice costs. spoiler alert: it's low. really? yes, really. e-trade offers investment advice and guidance from dedicated, professional financial consultants. it's guidance on your terms, not ours. that's how our system works. e-trade. less for us. more for you. a ta
CNBC
Mar 13, 2013 5:00pm EDT
the payroll tax coming back on and the government cutbacks and everything else, the gasoline prices, the impact that would have. this is not as much as a head wind and the consumers are proving that. >> let's get more on this number and bring in michelle meyer the senior u.s. economist at bank of america merrill lynch global research. great to see you. >> nice to be here, melissa. >> should we dismiss this number in your view? do you agree with brian? >> i think it's a fair debate. and frankly, we were quite surprised by the strength of the report. we were looking at the head winds that the consumer was facing which was delay tax refunds. higher gasoline prices, poor weather conditions and, of course, the lagged impact of higher tax in january. we were looking for a weak report and we were surprised by it. whenever you look at the seasonally adjusted versus the not seasonally adjusted, maybe we'll get a revision. but i think to me what it tells us is something a bit more fundamental about the consumer which is the tail winds are maybe a little stronger than we had thought, which is
CNBC
Mar 14, 2013 3:00pm EDT
, absolutely, bill. it's all about the dog that didn't bark. we had a huge tax increase on january 1st of this year. here we are, more than two months into the year, and we have yet to see any sign that that tax increase has had a material impact on the consumer. retail sales coming in for february, stronger than expected. today's jobless claims number suggesting that hiring is actually doing better than people expected. so you're seeing two things. number one, people growing more confident in their numbers for 2013, and a couple of people actually raising their numbers. barclays, for example, now looking at 2.5% growth in the first quarter, up from 1.9%. so you have a little bit of positive activity. >> we're going to hear from jeff spreker in a moment. he said his exchanging the new york stock exchange is basically making a bet that q3 is going to end. because he's expecting a lot of action around interest rate-related products. when would you expect qe3 to wind down? >> right now, most people are expecting it to wind down around the end of the year. and i think that's a pretty good
CNBC
Mar 17, 2013 8:00pm EDT
life trying to figure out how to transfer wealth and not have taxes and all of that so there can be a dynasty of all kinds of little buffetts going around for hundreds of years never having to do anything. >> but don't cry for those little buffetts. howard, his brother, peter, and sister, susan, have gotten multimillion-dollar gifts of money and berkshire hathaway stock from their parents. so while he's not on the fortune 500, howard is by any measure a wealthy man. on top the outright gifts, each buffett child is getting $1 billion to go toward their philanthropy. but all that pales next to the $31 billion that's going to the gates foundation. so did you know, as far back as you can remember, that you were not going to inherit his money? >> yeah, yeah. >> you've sort of always known that as you were growing up? >> yeah. and from time to time, that was a little frustrating. >> 'cause you wanted it, or what do you mean? >> well, i just mean, you know, you feel like that there are a lot of things you could do if you had more money. and i think that way even in the foundation. >> bu
CNBC
Mar 18, 2013 12:00pm EDT
? streets stung and rallied on a surprise move to tax bank deposits in the small island country? is this the start of a pullback many warned about? our traders this hour. stephanie, what do you think? how are you trading today? >> it depends if this spreads to other countries, that's the big thing. right now, it looks like it's contained. i focus going to areas of the world strong and the u.s. is still strong. housing continues to recover. manufacturing, got good numbers the best since 2011. consumer remains resilient. last friday we got the stress test from the banks. that was pretty impressive. i think those stocks could be poised to pull back, just because they've had such a nice run, those are the areas you want to focus. i also focus on replacement cycle stories, trucks, ah toes, aerospace, rigs. i think there are places you want to buy on weakness and the u.s. is where you want to be. >> mr. new world, are you as sang gin? >> i don't think so. let me go back to last night and what i tweeted out and how you handle this market right now. it is not a binary call you say i wil
CNBC
Mar 18, 2013 5:00pm EDT
on jpmorgan and the industry. fast forward to today on this blunder out of cyprus. a sweeping tax on depositors to pay for a bailout? really? markets sold off in asia and in europe as fears escalated on the impact of the debt-ridden countries there. a reminder that europe remains a major issue for the markets and the banking sector. earlier on the show i asked former treasury secretary larry summers about this. >> they've made tremendous progress, and we are long since out of the intensive care unit. >> the bottom line, things will continue to get tougher for the big banks. it is a new normal for financial institutions. but we just don't know what that normal will look like. and as for an excuse to sell the banks, it seems like that is one. take a look at the markets before we go. this day turned out to be a one by the close. we were down 110 points at the worst but then came all the way back, went into positive territory only to lose it again on the close, 62 points on the industrial average. 14,452 last trade on the blue chip. nasdaq and s&p 500 down as you can see there 11.5 an
CNBC
Mar 19, 2013 4:00pm EDT
of that whole business, in terms of taxing depositors, and we know that we continue to have issues in terms of the debt crisis. we are not, necessarily, seeing solutions there. >> i think you see -- if that fear were true, you would see it reflected in the peripheral european countries. i think they mark scyprus as a special case. >> mark, how are you investing at this point? you've got $54 million under management there. you've been bullish. do you want to put new money to work here, even though the market is up 10% year-to-date? >> short answer, yes, maria. the fact of the matter is, we think the fundamental underpinnings, particularly domestically, continue to be encouraging, and we're encouraging investors as a result of some of the volatility we've had in non-u.s. equity markets, to begin the scale-in there as well, because we think valuations are even more attractive. but i do think this cypresicyprg could be a big deal. the precedent it could set relative to marketdowns of small account deposits in other peripheral countries, particularly spain and italy. and the last thing we need t
CNBC
Mar 13, 2013 3:00pm EDT
is the sequester. what's going to happen? and also, how are consumers going to react to increased taxes. so we're really watching out on all these economic numbers for q2. >> you also watch that, but i'm looking up at the transports that are up 102 points. >> 102 points. >> which would confirm the move we're seeing to new all-time highs right now on the dow. >> the only things that concerns me is you're not seeing this explosion in volume at these new highs. now, the s&p hasn't done it yet. maybe if we get through the s&p, all of a sudden there'll be this exposure. you don't feel it yet, but that being said, it's still making a new high, right? >> exactly. >> at least the dow is. s&p is still not. >> if we get a budget agreement, i'm really talking pie in the sky here. but they are talking, at least. if we get a budget agreement, that would have to help the market too, i think. >> and we would probably advise our s&p estimate. >> so what would it take? 10%? you could move it higher. >> exactly. because, ultimately, we'd start seeing the earnings and see the multiple expansions. right now, we'r
CNBC
Mar 14, 2013 6:00pm EDT
as bond market substitutes, and dividend paying stocks yield more than treasuries, and the tax treatment remains superior and far more bountiful than bond market, interest payments, cow upons taxed at a much higher income rate and created a very helpful investment climate. no matter what critics say, unless unemployment makes a quantum leap to 6.5%, yes, ben bernanke is the father of the bull market. that is for certain. and the fed has been incredibly important impetus behind the giant move. now, there are tons of pessimists out there who believe that because the fed created this environment, the fed is doomed to destroy it. the moment they take away the punch bowl and start tightening, they believe -- i think that's wrong. and more important, i think you are getting ahead of yourself if that's what are you worried about. and people have been worried for a year now. just because bernanke made the bull market, doesn't mean it's a pitiful helpful orphan, the bull can stand on its own four legs, and even if it wants on its own now, i expect bernanke won't tighten until we are at a place we
CNBC
Mar 19, 2013 4:00am EDT
about cyprus and the atm bank lines and the tax scheme where they essentially bang the depositors for money. they violated the sacrosanct compact, i told him, that was meant to protect those deposits. stewart's all about common sense. he didn't think all of that much about the cyprus story. more importantly, he was hoping we wouldn't make too of it on this show because it would blow over since cyprus was a special case that couldn't easily be extrapolated and maybe even rally a little. then i went home after having some breakfast and i set out to study the charts and more on this later and settled in for serious ncaa bracketology while watching the canes play the tar heels. i tried to stay focused on march madness but i began to get bombarded by emails from bears worldwide -- [ shots fired ] brown bears, kodiaks, even koalas, telling me, this is it, jim, this is the big kahuna that i was being way too glib about the confiscation scheme that would rock my world. i knew not to dismiss the darn cyprus situation. i actually bothered to argue back, silly me. first i offered the standar
CNBC
Mar 13, 2013 1:00pm EDT
of your paycheck with the social security tax increase. it rose from 4.2% to 6.2%. so if you earn $50,000 a year, it costs you $3100. $6200 a year if you make 100 k. $12,400 if you make 200 k. so the numbers really do add up. despite the optimism from that retail sales number, a dough winning streak was in jeopardy. right now the market is still positive but it's only up seven points. still, of course, near that record territory. up 10% so far this year. the s&p right now, last trade is up 1.70%. that's about a tenth of a percent increase. nasdaq is up three points. and gold is trading down $6.30. >> the private equity world has been pretty much offlimits for anyone outside of the 1%. a lot of people eager to get in are now asking this question. is this a club i really want to join? the new developments in private equity. >> the numbers would make you want to say no, you don't want to join this club. but money managers earn a fee for every dollar they invest. the more assets they have, the more they get in fees. now the firms are public and looking to increase that. one way they are d
CNBC
Mar 15, 2013 9:00am EDT
instruments unlike apple and unlike microsoft they actually repatriate and pay the tax on their overseas earnings. >> and you like to see them do that? >> if they actually believed there would be a change and there would be a territorial tax system then leave it there for the time being and if there isn't, they should pay the tax and bring them back. >> for anyone who missed it. you did have a position in apple and you sold out of it last fall. >> no, we cut the position. we are now overweight apple and we completed the position just a couple of days ago. in fact, an interesting thing on an willel, the apple 2015 leaps for the 500s trade around 40 bucks. if apple goes back to where it was six months ago that is four to five times your money. >> bill, thank you so much for joining us and brian, thank you. >> they dragged me in. >> make sure you join us on monday. "squawk on the street" begins right now. ♪ ♪ ♪ >>> the big question, will today be the day? the s&p 500 surpasses its all-time closing high or should the bears beware the ides of march. i'm melissa lee with carl quintanilla
CNBC
Mar 20, 2013 9:00am EDT
is it that allowed or condoned or suggested the idea that the lower threshold of 100,000 euros should be taxed? >> listen to the statement out of the european commission. one of the myriad of bureaucrats in brussels. the commission made it clear in the euro group meeting before and they capitalized before, the vote in the cypriot government that an alternative solution would be acceptable and preferably one without a levy on deposits below 100,000. the cypriots did not accept such an alternative scenario and they squarely placed the blame on the guys in the parliament building behind me. so we'll see what happens. the breaking point is at some point we're not going to keep stuffing the atms with money. and they'll have to figure it out and close down some banks, et cetera. >> i respect the detail that you've been through, but this market clearly believes that the deal will get done and the banks will get propped up with international aid. we're up 72 points on the dow. nobody in the market appears to be worried about it and we haven't seen a big move on bonds today. how do you reconcile that w
CNBC
Mar 14, 2013 4:00pm EDT
agreement where we do entitlement reform and raise some more revenue in the context of tax reform, and in doing so, we improve the competitiveness of the american economy. >> is that agreement no cuts this year or some cuts this year as far as the administration is concerned? >> you're getting to a level of detail, frankly, that these conversations have not gotten to. we're right now just engaging. the question of timing, clearly, the burden should be in the middle term to the long-term. tax and entitlement savings naturally grow from year to year to year. they don't start in the first year. taking large amounts out of the smallest part of the budget in an across-the-board is not the way anyone would have chosen to reduce the deficit and get our fiscal house back in order. i think there were better alternatives and we have a little bit of time. the conversation's engaged now. i'm hoping that over the coming weeks and months, we can work through this problem. >> every treasury secretary serves with the president. you have no way of knowing how long you'll be in the office or how mu
CNBC
Mar 20, 2013 4:00pm EDT
after its parliament rejected an international bailout package that would have taxed savers and depositors. michelle caruso-cabrera is on the ground right now. she joins us live with the very latest from cyprus. over to you, michelle. >> reporter: hey, there, maria. the very latest that the cyprus plan tried in part trying to raid a pension fund. cash in the pension fund used now and promising to pay the workers later. but their european partners said, no, that's not going to work, because all you're going to do is defer liabilities. it doesn't help your debt profile. so we don't like that. now they're working on plan "c." the question is, what is that? here's the very latest, the bank holiday, as a result of all of this indecision and inaction has been extended and now it looks like the banks will not open until tuesday of next week, a full week without the banking system operating. the minister of finance is in russia, trying to square away a deal there. we haven't had any good results from there. and then very, very worrisome, a member of the ecb talking even tougher late
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